Exxon Mobil shares, meanwhile, have climbed 12 percent this year amid a roughly 5 percent rise in U.S. oil prices. Trader Guy Adami said the stock may be too expensive currently, even if Exxon's results surprise.
"My sense is they'll have a good quarter. I just don't know if you can justify the valuation," He said.
Najarian has a long stake in Exxon call options.
Guy Adami is long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck.
Karen is long BAC, C, FB, FL, GOOG, GOOGL, JPM, LYV, KORS, M, SEDG, SPY puts, URI. Her firm is long ANTM, AAPL, BAC, BOKF, C, C calls, FB, GOOG, GOOGL, JPM, JPM calls, KORS, LYV, M, MOH, NRF, PLCE, SPY puts, URI, her firm is short IWM, MDY. Karen Finerman is on the board of GrafTech International.
Steve is Long AAPL, BA, BAC, CC, DD, DIS, DECK, EVGN, KBH, MJNA, MU, OLN, PFE, PHM, T, TWTR, GDX firm is long CVX, NE, OXY, RIG kids own EFA, EFG, EWJ, IJR, SPY
Long AAPL, BAC, BMY, CSCO, DIS, DISCA, GE, KMI, KMI.A, KO, MRK, PEP, PFE, SAVE, ZIOP Long Calls: AAL, ADX, AKS, AMJ, BAC, CL, DATA, EBAY, EGO, ENR, EWZ, F, HAIN, KBH, KMI, KO, KORS, MT, NLNK, SBUX, SLV, SPG, TCK, UAL, XOM Long Puts: FCX, MS, PBR, VLO